ITAT wasn't justified in deleting penalty just because income of assessee assessed at NIL: HC

IT : Where Tribunal had deleted penalty imposed upon assessee for concealment of income on grounds that it had in quantum appeal reduced income of assessee assessed at Rs. 34.63 lakhs to NIL and assessee had suffered loss in earlier years and subsequently Tribunal by an order dated 5-9-2018 recalled its previous order and posted penalty appeal for fresh hearing, aforesaid grounds were not sufficient to delete penalty and impugned order did not require any interference

from www.taxmann.com Latest Case Laws http://bit.ly/2Xbu52v